Important points
Analysts at JPMorgan and Jefferies said Meta’s AI and Metaverse ambitions make it a top candidate. The comments came after the keynote address at Meta’s Connect event on Wednesday, where the tech giant announced new products and AI capabilities. Analysts said the event marked Meta’s early progress in monetizing AI and the Metaverse. They are now more confident in the meta’s growth opportunities.
Analysts at JPMorgan and Jefferies said Meta’s (META) AI and Metaverse ambitions led Meta to announce several new products and AI capabilities during Wednesday’s Connect event keynote. As a result, the company became the most likely candidate.
Analysts said the event marked Meta’s progress in monetizing AI and made them even more bullish on the stock, with JPMorgan analysts saying on Thursday that Meta was “seeing early AI benefits in both efforts.” “We believe we have earned the right to invest heavily in AI,” he wrote. And monetize. ”
Jefferies analysts added that Meta’s “proven ability to successfully scale and monetize new products” further increased their confidence in Meta’s “emerging AI future.”
JPMorgan raised its price target on Meta stock to $640 from $610, while Jefferies maintained its $600 price target, which is about a 5.7% to 12.7% premium to Thursday’s closing price of $567.84. is. Both targets were above the $587.66 analyst consensus compiled by Visible Alpha, but all but one of the 31 analysts surveyed called the stock a “buy” or equivalent. The evaluation was maintained.
Meta stock ended Thursday slightly lower after hitting an intraday high in early trading. It has risen about 60% since the beginning of the year.
